North Korea says it will hold an election in March to select new members of the Supreme People’s Assembly.

According to the North's state-run Korean Central News Agency, the Assembly's Presidium decided to hold the election for the 12th SPA on March eighth at its plenary meeting held on Tuesday.

The 12th Assembly is expected to approve this year's budget and conduct personnel appointments for the presidium, National Defense Commission, and the Cabinet that may signal a change in the North Korean power elite.